The Cloud Application Security Market expected to grow from USD 6.78 billion in 2017 to USD 13.67 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 15.1%.
Today’s organizations are increasingly using Software-as-a-Service (SaaS) and cloud applications, such as Microsoft Office 365, Box, Dropbox, Salesforce, and AWS. Cyber-attack vectors are rapidly increasing and harming the critical cloud applications of organizations. Cloud application security solutions enable enterprises to secure their applications deployed on the cloud through greater visibility and control. These solutions also enable the integration of the existing cybersecurity solutions, such as Identity and Access Management (IAM), Data Loss Prevention (DLP), and Security Information and Event Management (SIEM), which help enterprises apply the existing security and governance policies on their cloud applications. The cloud application security market vendors are offering a variety of cloud application security solutions and services to protect the sensitive information of the cloud applications and prevent the data loss.
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The cloud application security market by solution includes cloud application database, risk assessment, application governance, DLP, IAM, encryption, tokenization, malware detection and protection, SIEM, log management, and cloud usage analytics and anomaly detection. The cloud application security vendors also offer various professional services, such as support services, training and education services, and consulting services. These solutions and services help organizations combat with advanced threats and vulnerabilities, and secure the enterprise cloud applications.
The cloud application security market has been segmented based on verticals into Banking, Financial Services, and Insurance (BFSI); government and defense; IT and telecom; healthcare and life sciences; manufacturing; retail; and others (education and media and entertainment). The IT and telecom vertical is expected to witness the highest CAGR during the forecast period. This vertical is heavily adopting the cloud applications to increase the speed of their business operations. These cloud applications contain business sensitive information which make them vulnerable to cyber-attacks. Therefore, the IT and telecom organizations are said to be increasingly adopting cloud application security solutions.
The global cloud application security market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America, to provide a region-specific analysis in the report. The cloud application security market is expecting a rapid growth in various regions across the globe. APAC is projected to grow at the highest CAGR during the forecast period. The economies in the region are rapidly digitizing and adopting advanced cloud applications to make the business operations effective. Cybercriminals attack these applications to access the confidential data for personal gains. North America is expected to contribute to the largest market share in the overall cloud application security market.
The major factors driving the growth of cloud application security market are strong regulations and compliance requirements, easy integration of cloud application security solutions with organizations’ existing security infrastructure, and rise in security breaches targeting business-critical cloud applications. Rise in the adoption of integrated cloud application security solutions in Small and Medium-sized Enterprises (SMEs) and increasing need for technologically advanced cloud application security solutions across various industry verticals are expected to provide huge growth opportunities to the cloud application security solution providers. However, lack of technical expertise among the enterprise workforce for the development of advanced cloud application security solutions and lack of awareness about advanced cyber threats and growing security concerns may act as challenging factors to the market growth.
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